NOO (non-owner occupied) HELOCS

[Steve S.]

I have several rentals, none of which are owned free and clear.  However, I'd like to expand my rental portfolio without having to write the next check from cash in the back.  I'd prefer to use the equity i've already built up as a downpayment on the next house.

Is a NOO HELOC the way this is typically done?

1) Can someone with experience doing this give me some insights on how much this would cost, etc?

2) is this different than putting a lien on a home?

3) for the purposes of this example, I have a $130,000 property with $64,000 in equity.  If I wanted to purchase a rental for $100,000 with a 25% down payment, how would you recommend I access this $64,000 equity to pay the downpayment and closing costs on the next rental?

[Russell Brazil]

I've don't think a fixed rate heloc exists.